Cosmos-based dYdX Chain now supports liquid staking on the network.
The dYdX chain is upgraded Today’s upgrade to version v3.0 introduces interchain accounts, enabling liquid staking protocols to participate in Cosmos-based networks.
This move will allow users to continue staking and securing the dYdX chain while converting staked DYDX into a liquid asset that can be traded or utilized in DeFi applications.
Liquid staking protocols are competing to put dYdX stakers onboard for liquid staking.
Cosmos-powered Stride plans to launch liquid staking for dYdX today. Two other liquid staking providers, Persistence and Quicksilver, are also aiming to offer this service in the near future. “We are excited to work closely with dYdX to bring stDYDX to DeFi protocols to unlock the full value of their infrastructure,” Vishal Talashi, co-founder of Stride, said in a statement.
“Liquid Stake competitions are driving innovation in the DYDX staking ecosystem, which ultimately benefits the entire community,” said Charles d’Haussy, CEO of the dYdX Foundation.
What is dYdX Chain?
dYdX Chain is a Cosmos app chain that facilitates trading of cryptocurrency token derivatives and is the largest platform by trading volume in the decentralized perpetual niche.
The network is secured by validators to which stakers can delegate their dYdX tokens. All protocol fees are redistributed to dYdX stakers and validators of the USDC stablecoin.
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MK Manoylov has been a reporter for The Block since 2020, joining just before Bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for publications covering all cryptocurrency-related news, preferring NFTs, metaverse, web3 games, fundraising, crime, hacking, and cryptocurrency ecosystem stories. MK holds a graduate degree from New York University’s Science, Health, and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. X You can follow MK at @MManoylov and on LinkedIn.